Jio, Allianz form 50-50 joint venture to set up non-life insurance company

Jio Financial Services and Allianz Group, through its wholly-owned subsidiary Allianz Europe BV, have entered into a 50:50 joint venture (JV) to set up a non-life insurance company, months after the two entities collaborated on a reinsurance company. The partnership was first announced in July 2025.

The joint venture will leverage Jio Financial’s extensive digital reach and understanding of the Indian market and Allianz’s high-quality insurance products and services, the companies said in a joint statement. They added that it will offer innovative and accessible protection solutions in the field of general insurance and health insurance, tailored to the specific needs of India’s people and businesses.

The partnership is subject to necessary legal and regulatory approvals. The existing joint venture, Allianz Jio Reinsurance, started operations on March 26, headed by Allianz’s Sonia Rawal, after receiving regulatory and other approvals on March 12. The two companies are also working on a separate binding agreement to set up a life insurance company in India.

India’s strong economic progress and favorable demographics underscore the growing need for long-term financial security and inclusive protection solutions, the companies said, adding that the joint venture will aim to create a “fundamentally differentiated” way of designing, distributing and delivering insurance solutions at scale.

Mukesh Ambani, chairman and managing director of Reliance Industries, the parent company of Jio Financial Services, said, “I am proud to partner with Allianz, one of the world’s most respected insurance groups, as our exclusive insurance partner across the insurance value chain. I believe the combination of Jio’s unmatched digital consumer reach and Allianz’s deep global insurance expertise is uniquely powerful.”

Oliver Bäte, Chief Executive Officer of Allianz SE, said: “Our two companies share a deep belief in the importance of inclusive economic growth and the powerful role insurance plays in creating shared, sustainable prosperity for more people.” He added that the company will aim to make protection simpler, more accessible and more relevant for individuals, families, entrepreneurs and businesses and create a “completely new insurance model” for India.

When the two companies first announced the 50:50 joint venture in July 2025, Allianz Group had said that the venture would leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and operations in India. In September 2025, the companies formed Allianz Jio Reinsurance Limited (AJRL) and subsequently signed non-binding agreements to set up joint ventures with equal ownership for both general and life insurance businesses in India.

Allianz has invested deeply in the Indian insurance market since 2000 and will continue to support the growing need for long-term financial security by expanding access to risk protection and improving financial preparedness, the companies said in a joint statement.

Bajaj disbandment

Allianz was previously in a joint venture with Pune-based Bajaj Group for Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. In the largest transaction in the Indian insurance sector, Allianz SE sold 23 per cent stake each of its life and general insurance joint ventures to the Bajaj Group in January. ₹21,390 crore, the remaining 3% is scheduled to be rolled over by June. Bajaj Group’s share in both insurance companies has now increased from 74% to 97%. Finserv alone owns 75.01% of the shares.

Allianz Group and Bajaj Group had been at loggerheads for several months, with Allianz wanting more stake and more say in the management of the insurance companies. At the time of the share sale, the Munich-based group had said that its ability to operate in the Indian market was limited due to its minority position in joint ventures and that the divestment decision was the result of “constructive and friendly discussions with Bajaj”.

“Allianz will evaluate options for redistributing revenues in line with the company’s strategic priorities. This will include investments in our new joint ventures in India,” he said at the time.

Shares of Jio Financial Services closed 1.6% higher ₹238.44 on NSE on Wednesday.